Drafting a Trust In Fontana, California
In Fontana, California, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).
Trusts can serve any variety of purposes. They can be set up to guarantee that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.
If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly drafted, this is entirely feasible.
The trust can also be set up to permit the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, particularly if the beneficiary is a teenager or young adult.
What to Include in Any Fontana, CA Trust
To formulate a trust in Fontana, California, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.
Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.
The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For example, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.
Finally, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.
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Can A Fontana, California Trust Drafting Attorney Help?
While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more complicated. Therefore, it is advisable to contact a reliable Fontana, California attorney to help you set up a trust.
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Life in FontanaFontana, California is known as a central hub for the trucking industry because Interstate 10, State Route 210 and Interstate 15 surround it. Fontana lies in San Bernardino County, California. The area is famous for its history, with a historic regional park, theater, and the Kaiser Steel Mill. Alongside history, Fontana is also home to runners all over California because Fontana hosts the Fontana Days Half Marathon and the 5K run. This race is known all over the world as the fastest marathon course!
Fontana is home to approximately 196,069 residents, which includes a diverse population of African Americans, Caucasians, Native Americans, Asians, Pacific Islanders, and Latinos. With so many people, naturally Fontana would offer many cultural, sports, and recreation activities. These activities include the Center Stage Theater, Art Depot, Auto Club Speedway and Fontana Park.
Fontana's main industry is the trucking industry. Therefore the city is home to many truck dealerships and equipment sales centers. Legal services are available to support this industry via small law offices in Fontana that have excellent attorneys. For larger firms or extensive legal representation, the industry and residents of Fontana have available the many law firms that are located in nearby Ontario and Rancho Cucamonga.